VS.4d VDOE Quiz

How many banks were in Colonial Virginia?

• 105

• 103

• 0

• 9

Which choice correctly describes the term "money?"

• a good or service owed to someone

• money put away to save or to spend at a later time

• a medium of exchange--currency, including coins and paper money

• buying a good or service now and paying for it later

• trading or exchanging of goods and services without the use of money

Which choice correctly describes the term "barter?"

• a good or service owed to someone

• money put away to save or to spend at a later time

• a medium of exchange--currency, including coins and paper money

• buying a good or service now and paying for it later

• trading or exchanging of goods and services without the use of money

Which choice correctly describes the term "credit?"

• a good or service owed to someone

• money put away to save or to spend at a later time

• a medium of exchange--currency, including coins and paper money

• buying a good or service now and paying for it later

• trading or exchanging of goods and services without the use of money

Which choice correctly describes the term "debt?"

• a good or service owed to someone

• money put away to save or to spend at a later time

• a medium of exchange--currency, including coins and paper money

• buying a good or service now and paying for it later

• trading or exchanging of goods and services without the use of money

Which choice correctly describes the term "savings?"

• a good or service owed to someone

• money put away to save or to spend at a later time

• a medium of exchange--currency, including coins and paper money

• buying a good or service now and paying for it later

• trading or exchanging of goods and services without the use of money

Select four TRUE statements about Colonial Virginia:

• Most Virginians did not use paper money

• Barter was commonly used instead of money.

• Farmers paid their debts when they harvested their crops.

• Most farmers and consumers used credit to buy goods and services

• Farmers never used credit because they did not like to owe debts

What was used as money in Colonial Virginia?

• gold

• tobacco

• corn

• coins

What is meant by the term "Colonial Virginia?"

• colonies that were owned by Virginia during the 1700s

• the period of time when Virginia land was owned by the American Indians

• the period of time when Virginia was a colony of and governed by England

• Virginians who were the original settlers of the colony of Jamestown

Which is an example of debt?

• Farmer Bob needed eggs. His neighbor, Farmer Herb, gave him eggs in return for some potatoes.

• Farmer Herb took his daughter to the doctor today. He promised to pay the doctor later with 50 pounds of tobacco when he harvested it in the Fall.

• Farmer Bob's wife, Mary, received a gold coin from her cousin in England. She put the coin in a leather bag and hid it under her bed so she will have it in an emergency.

• Farmer Herb got a new wagon wheel from Merchant Thom's store. Now Herb owes Thom 5 pounds of tobacco when his crop is harvested.